Gold prices once again recorded a fall in European session trading after the gains on display in the Asian session failed to continue.
The decline in the price of gold is seen to be depressed by the strengthening of the US dollar in the market as shown on the XAU / USD price chart.
The main factors supporting the strengthening of the US dollar were market risk sentiment due to concerns over the increase in cases of Coronavirus infection as well as the unfavorable development of the United States (US) economic stimulus package.
The call by the US Senate Majority Leader to adjourn the Senate after the Presidential election will prevent the agreement from being reached in the near future.
You can see the price increase on the XAU / USD chart testing the SBR zone (support become resistance) 1910.00 making a decline to the level of 1900.00.
The price of gold is expected to continue hovering around that level with market volatility which makes investors more cautious to be in the market.
However, if the decline in the price of gold continues, the support level around 1875.00 is seen to be the focus.
On the other hand, if the price jumps again, the SBR zone 1910.00 will try to break through the price for the next increase towards the resistance zone 1930.00.
Monitor the development of the pandemic crisis, use the US economic stimulus and others that affect the market as well as affect the movement of gold prices.
